~For every contribution or any other
payment done on the Paytm, the company will contribute an extra uptoRs. 10~
MadhurDeora, President - Paytm said, “We are honoured to do our duty to
aid the government in all the relief measures being taken to fight the Corona
pandemic. We hope our users wholeheartedly donate to PM CARES fund and help
save lives. We will also contribute up to Rs 10 for every payment transaction
using the Paytm app and instruments. This money would be directly sent to the
PM-CARES fund. Paytm commits to doing everything in its power to support the
efforts of our Government in coming out of this crisis."
Over the last few weeks, Paytm has launched several initiatives to fight the
spread of Coronavirus. It has started collecting contributions to buy personal
hygiene products for people who might not have the means to buy it. Also, the
company has created a Rs 5 crore fund for innovators who are developing medical
instruments or medicines to combat the virus.
The PM CARES Fund is exempt under the Income Tax Act, 1961 under
Section 10 and 139 for return purposes. Contributions towards PM-CARES are
notified for 100 percent deduction from taxable income under section 80(G) of
the Income Tax Act, 1961.
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